Otmane El Rhazi from
The Bullion Desk.
- In a week that many predicted that gold would be sent into freefall, currently we’re up around 1 and half percent for the week.
- As predicted, the Fed removed the word “patient” from the monetary policy statement, which ultimately gives them flexibility over the coming months on raising the rate.
- It did however, signal that an April hike is unlikely while also suggesting that economic growth had moderated somewhat over the past month, which is a significant downgrade from “growing at a solid pace”, in the previous month.
- The first LBMA gold price via new administrator ICE took place this morning, with the six participants setting the price at $1,171.75 per ounce. The six banks taking part currently are Scotiabank, UBS, Société Générale, Barclays, HSBC and Goldman Sachs.
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